Question:
Suppose the utility function for a firm manager is U = π+ bQ, where Q is output, π is profit, and b is a positive constant. How would the firm's output compare with what it would be if the manager's objective was to maximize profit?
A. It would be greater than the profit-maximizing output.
B. It would be less than the profit-maximizing output.
C. It would be the same as the profit-maximizing output.
D. None of the statements associated with this question are correct
Answer:
The correct choice is A.
If the utility function for a firm manager is U = π + bQ, where Q is output, π is profit, and b is a positive constant. It would be greater than the profit-maximizing output.
Explanation:
Economic theory normally uses the profit maximization assumption in studying the firm just as it uses the utility maximization assumption for the individual consumer. This approach is taken to satisfy the need for a simple objective for the firm. This objective seems to be the most feasible.
The profit-maximizing firm chooses both inputs and outputs so as to maximize the difference between total revenue and total cost.
The firm will adjust variables under its control until it cannot increase profit further. Thus, the firm looks at each additional unit of input and output with respect to its effect on profit.
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Answer: production manager
Explanation: Production manager is that individual in an organisation that is responsible for production process. A production manager is responsible for making the product on time with the appropriate amount of quantity demanded and as per the quality standards fixed.
Thus, if there is a variance due to poor quality of products then a production manager will be the answering authority.
Hence , the right option is A.
B. When employees can see one another from their desks, they are 70% more likely to work together.
The Fed was knowledgeable about the great recession crisis with a four-pronged strategy. First, it flooded the banking sector with liquidity. Second, it invoked emergency powers granted to that throughout the nice Depression to lend to money establishments apart from banks.
Third, it quickly cut the funds rate to zero. The Fed has many financial policy tools it will use to fight a recession. It will lower interest rates to spark demand and increase the quantity of cash in circulation via open market operations (OMO), together with quantitative easing (QE), through that further sorts of assets is also purchased by the Fed.
Of course, the 2008 money crisis upset this balance severely. To assist restore liquidity to the industry and stimulate the economy, the Fed slashed short interest rates from four.25 p.c in December 2007 to almost zero by December 2008—the lowest rate within the Fed's history.
To learn more about the great recession crisis, visit here
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You are likely to be working in the accounting field for public companies. A public accountant is an accountant that works for publically traded companies instead of companies in the private sector. Public companies are traded on the public stock exchange so they allow others to purchase share in their stock. A public accountant and a private accountant have similar rolls when it comes to inside the company documents but are different when they deal with public trade or not.